MEME, the native token of Memeland, the NFT ecosystem, is now on BitMEX via a new, pre-IEO, linear futures listing – MEMEUSDTX23. It’s margined in Tether and offers up to 2x leverage.
Trading began on 30 October 2023 at 06:00 UTC. You can trade the MEMEUSDTX23 contract here, or refer to the full contract specs here.
For a deeper look at our new Memecoin listing, and more on the MEME Token, read on.
If you haven’t signed up for a BitMEX account yet, we’re currently offering up to $5,000 in BMEX Tokens for verified users- you can register here.
About MEME, the Memeland Token
Memeland is an NFT ecosystem that leverages the culture of memes and combines it with the power of NFTs. Currently, it consists of three collections: MVP, The Captainz, and The Potatoz.
Memeland’s core focus is on building and investing in social products for the community. They strive to connect creators and communities through creativity, the MEME token, and NFTs.
While currently its features are limited to NFT holders, the team’s ultimate goal is to create an inclusive Web3 platform. But the pioneering aspect lies in the fact that everyday users can harness the power of meme culture and capitalize on its potential.
In addition to NFTs and tokens, Memeland will offer a variety of features and services to enhance the user experience and promote community engagement. These may include media platforms, unique NFT staking mechanisms, and social networks for community members to interact and collaborate.
As stated in its whitepaper:
Memecoin is a digital token compatible with the ERC-20 token standard. MEME has no functions, no utility and no intrinsic value, no promise or expectation of any financial return, profit, interest or dividend. There is no roadmap and there is no promise or expectation that any ecosystem will even be developed for MEME. MEME is completely useless and for entertainment purposes only
MEME Linear Futures Contract Specs
MEMEUSDTX23 will be a linear futures contract, margined in USDT (ERC-20). It will work similarly to a regular futures contract, but with some key differences (as detailed below).
MEME contract details:
- Symbol: MEMEUSDTX23
- Expiry Date: 24 November, 2023
- Margin currency: USDT
- Contract Size: 1 MEME
- Lot Size: 100
- Minimum Trade Amount: 100 MEME
- Underlying: .BMEMET
- Max Leverage: 2x
- Maker Fee: –0.0175%
- Taker Fee: 0.25%
- Base Initial Margin: 50.00%
- Base Maintenance Margin: 25.0%
Key differences between our MEME listing and other futures contracts:
- Mark Method: Last Price
- Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
- Settlement Price: .BMEMET30M
- Auto Deleveraging: Enabled
This new listing is a highly volatile and speculative contract. Because of this, we’ve changed a few items:
- We are using Last Price marking because there is not yet an observable price for MEME.
- To protect the market against manipulation, we will use Limit Up and Limit Down prices, which are set each hour, on the hour, at Mark Price +/- 20%. Traders will not be able to place bids above the Limit Up Price or place offers below the Limit Down Price.
- The .BMEMET index will be constructed by BitMEX when it is possible for our team to produce a robust index that represents the spot price of the MEME token. Once such an index exists, we may use our discretion to change the Mark Method to Fair Price. Until such an Index is created, the value of .BMEMET will be set to 0. If there is no index constructed by the expiry date, the Settlement Value will be 0.
- As with all crypto derivatives contracts traded on BitMEX, there is a possibility that auto-deleveraging will occur. Since this contract is purely speculative, the possibility of auto-deleveraging is higher than on a regular contract.
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